Cultural Environmentalism and the Constructed Commons

Van Houweling explores both the benefits and failings of conservation easements on land on the one hand and the licensing commons on the other. Conservation easement The tools of cultural environmentalism in the lights of objections to conservation easements and more general concerns with complicated and fragmented property rights are also considered. Among other things, she provides clear theoretical differences between the public domain, where freedom is based on the absence of property rights, and the licensing commons, where freedom is based on the absence on the preemptive exercise of the property rights by the rights holder in order to grant use privileges to users of the commons, and sometimes binds to those future users to add their own improvements back to the common pool

An Empirical Comparison of Default Swap Pricing Models

In this paper we compare market prices of credit default swaps with model prices. We show that a simple reduced form model with a constant recovery rate outperforms the market practice of directly comparing bonds' credit spreads to default swap premiums. We find that the model works well for investment grade credit default swaps, but only if we use swap or repo rates as proxy for default-free interest rates. This indicates that the government curve is no longer seen as the reference default-free curve. We also show that the model is insensitive to the value of the assumed recovery ratecredit default swaps, credit derivatives, credit risk, default risk, risk-neutral valuation, pricing

Pricing default swaps: empirical evidence

In this paper we compare market prices of credit default swaps with model prices. We show that a simple reduced form model with a constant recovery rate outperforms the market practice of directly comparing bonds' credit spreads to default swap premiums. We find that the model works well for investment grade credit default swaps, but only if we use swap or repo rates as proxy for default-free interest rates. This indicates that the government curve is no longer seen as the reference default-free curve. We also show that the model is insensitive to the value of the assumed recovery ratecredit default swaps;credit risk;default risk;recovery rates;reduced form models

An Empirical Comparison of Default Swap Pricing Models

Abstract: In this paper we compare market prices of credit default swaps with model prices. We show that a simple reduced form model with a constant recovery rate outperforms the market practice of directly comparing bonds' credit spreads to default swap premiums. We find that the model works well for investment grade credit default swaps, but only if we use swap or repo rates as proxy for default-free interest rates. This indicates that the government curve is no longer seen as the reference default-free curve. We also show that the model is insensitive to the value of the assumed recovery rate. Keywords: credit default swaps, credit derivatives, credit risk, default risk, default-free interest ratescredit default swaps;credit risk;default risk;market prices;credit derivatives;default-free interest rates;empirical models

Comparing possible proxies of corporate bond liquidity

We consider eight different proxies (issued amount, coupon, listed, age, missing prices, yield volatility, number of contributors and yield dispersion) to measure corporate bond liquidity and use a five-variable model to control for interest rate risk, credit risk, maturity, rating and currency differences between bonds. The null hypothesis that liquidity risk is not priced in our data set of euro corporate bonds is rejected for seven out of eight liquidity proxies. We find significant liquidity premia, ranging from 9 to 24 basis points. A comparison test between liquidity proxies shows limited differences between the proxies.euro market;corporate bonds;liquidity;Fama-French model

Neural entrainment in coordination dynamics

Beek, P.J. [Promotor]Daffertshofer, A. [Copromotor